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Council approves Brookings Marketplace TIF plan and development agreement with Ryan Companies
Summary
Council approved TIF District 13 boundaries and a development agreement with Ryan Companies to build the Brookings Marketplace, including up to $5.5M in TIF reimbursement and ~$2M in city infrastructure support. Developers say the project will capture retail leakage, create construction and permanent jobs, and generate new sales tax.
Brookings City Council voted Oct. 22 to approve tax increment financing (TIF) District 13 project boundaries and a development agreement with Ryan Companies for the Brookings Marketplace project.
City planning staff said the eligible project costs were revised downward to about $9 million from an earlier higher estimate based on updated bid pricing and comparable projects. Officials projected conservative incremental taxable value around $4.5 million. The development agreement allows a maximum of $5.5 million in TIF reimbursement tied to improvements and contemplates roughly $2 million in city support for infrastructure improvements that will serve the Marketplace and adjacent city‑owned property to the north.
Tim Reed, CEO of the Brookings Economic Development Corporation, described retail leakage studies and consumer surveys indicating strong community demand for large‑box retail and grocery offerings (Target and Aldi were repeatedly requested in local surveys). Reed and Ryan Companies’ representative Patrick Daley said the project—estimated at roughly $57 million in construction—would support several hundred construction jobs over two years and create an estimated 140+ ongoing jobs at full build‑out, with expected annual sales‑tax revenue between $1.1 million and $1.5 million.
Ryan Companies and partners are under non‑disclosure agreement for some tenant deals but confirmed that the anchor is a national general‑merchandise retailer and negotiations with Aldi and a convenience‑store operator are advancing. Developers said they intend to begin construction in spring 2025, with an anchor store targeted to open in mid‑2026, subject to closing and seasonality.
Council approved the TIF project plan and the development agreement after staff and the planning commission recommended approval. Staff noted that Brookings remains well under statutory limits on aggregate TIF taxable value (current impact near 2% of taxable value against the 10% statutory concern). The agreement includes standard review, reimbursement triggers and provisions for right‑of‑way dedications to accommodate road improvements required for the development.
Councilmembers asked about timeline, revenue projections, and the potential for additional development on adjacent city‑owned land once Marketplace infrastructure is in place. Supporters said the project is designed to keep retail sales in Brookings, attract labor force, and stimulate further private investment; some council members expressed support for the project’s anticipated economic impact.
